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Economics - The Marginal Revolution?
A little unsure about what exactly happened... did it affect the views of markets to exclude societal and cultural effects (externalities), or did it take them into account more (Marx and Mills)?
How did it change the future of markets?
1 Answer
- simplicitusLv 79 years agoFavorite Answer
It did nothing to markets. It just changed the thinking of economists.
http://en.wikipedia.org/wiki/Neoclassical_economic...
http://en.wikipedia.org/wiki/Marginalism
http://en.wikipedia.org/wiki/Marginal_utility
After computers came into existence, marginal theory was used by the financial sector to steal even more from the rest of the economy.
http://www.bbc.co.uk/news/magazine-17866646
http://en.wikipedia.org/wiki/Black%E2%80%93Scholes
http://en.wikipedia.org/wiki/Long-Term_Capital_Man...
But the creators of the formula got a Nobel for it, so it really shouldn't count against the marginal revolution.